Back
30 Jul 2015
NZD/USD: Fresh offers coming through 0.6650
FXStreet (Mumbai) - The New Zealand dollar extends its overnight downslide versus the American dollar in early Asian morning, sending NZD/USD to fresh lows below 0.6650 levels, largely on the back of extended gains seen in the US dollar against its major rival as the latest FOMC statement provided the much-needed impetus to the US currency.
NZD/USD heading towards multi-year lows
Currently, the NZD/USD pair trades -0.33% lower at 0.6644, recovering from fresh session lows of 0.6628. The offered tone around the NZD/USD pair increased in early moves and Asian traders digest the FOMC statement which offered no cues on rate-hike timings although acknowledged improving US economy led by strong labour market, which boosted the USD rally.
Moreover, the pair continues to remain undermined on the latest downbeat building consents data while divergent monetary policy outlooks between the Fed and the RBNZ continue weigh on the Kiwi. Fed is on its track to raise interest rate this year while RBNZ slashes OCR in its last meeting held earlier this month.
Markets now turn their attention towards RBA Stevens speech due out shortly while US key data flow may also influence the pair later tonight.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6698 (July 23 High) levels and above which it could extend gains 0.6716 (July 28 High). To the downside immediate support might be located at 0.6590 (July 28 Low) below that at 0.6556 (July 27 Low) levels.
NZD/USD heading towards multi-year lows
Currently, the NZD/USD pair trades -0.33% lower at 0.6644, recovering from fresh session lows of 0.6628. The offered tone around the NZD/USD pair increased in early moves and Asian traders digest the FOMC statement which offered no cues on rate-hike timings although acknowledged improving US economy led by strong labour market, which boosted the USD rally.
Moreover, the pair continues to remain undermined on the latest downbeat building consents data while divergent monetary policy outlooks between the Fed and the RBNZ continue weigh on the Kiwi. Fed is on its track to raise interest rate this year while RBNZ slashes OCR in its last meeting held earlier this month.
Markets now turn their attention towards RBA Stevens speech due out shortly while US key data flow may also influence the pair later tonight.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6698 (July 23 High) levels and above which it could extend gains 0.6716 (July 28 High). To the downside immediate support might be located at 0.6590 (July 28 Low) below that at 0.6556 (July 27 Low) levels.